The Minister of Finance summarized this year’s budget financing and outlined the prospects for the following years.

In 2023, Ukraine attracted $42B through external financing just to cover budget needs and support a record amount of borrowing on the domestic market, Minister of Finance Serhiy Marchenko said. This allowed Ukraine to finance all necessary expenses, primarily for its security and defense forces.

The minister expressed hope that the current revenue plans will be fulfilled, although he indicated that it is “less likely” in the case of customs.

Marchenko noted that Ukraine has fulfilled its obligations under the extended financing program from the IMF and EU macro-financial assistance.

“Now, even 2024 is less of a concern, but 2025 might be a difficult year,” he noted.

The minister emphasized that it is necessary to work with the IMF and achieve the opening of the Ukraine Facility from the EU, which will solve half of 2025’s budget problem. Marchenko feels Ukraine should take measures to reduce dependence on external partners.